IGCSE Business Studies Key Terms 15

the process of converting inputs such as land, labour and capital into saleable goods

the production of items one at a time

production of goods in batches. A batch completes 1 production stage before moving to the next

a measure of the efficiency of inputs used in the production process e.g. labour and capital

the stock of raw materials, work-in-progress and finished goods held by a business

the production of goods and services with the minimum waste of resources

the production of very large quantities of identical goods using a continously moving process

production process uses a high quantity of capital equipment compared with labour input